(Please click on the accompanying chart to enlarge.)
USD/CAD (a daily chart of which is shown) has recently bounced down off a long-term downtrend resistance line. Any strong break below intra-channel uptrend support (represented by the short uptrend line on the chart) could signal a prolonged bearish move to continue the long-term downtrend. For more details, please click here for Wednesday’s Chart of the Day.
- James
James Chen is the Chief Technical Analyst at FX Solutions, a leading Forex broker. He is also a registered Commodity Trading Advisor (CTA) and a Chartered Market Technician (CMT) Level 3 candidate. At FX Solutions, Mr. Chen writes daily currency analysis, conducts forex trading seminars, and has authored numerous articles on currency trading and technical analysis for major financial publications. His upcoming book, Essentials of Foreign Exchange Trading (John Wiley & Sons), will be released in early 2009.
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